Research – Cumulus Media (CMLS) –

Posted on April 16, 2019 by Admin

Tuesday, April 16, 2019

Cumulus Media (CMLS)

Four Key Takeaways From The Recent Announcement.

Cumulus Media, Inc., a radio broadcasting company, engages in the acquisition, operation, and development of commercial radio stations in mid-size radio markets in the United States. It owns and operates FM and AM radio station clusters that serve mid-sized markets. The company, through its investment in Cumulus Media Partners, LLC, also operates radio station clusters serving large-sized markets.

Michael Kupinski, DOR, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to full report for price target, fundamental analysis and rating.

Another deleveraging transaction. The company announced plans to sell KLOS radio station
for a favorable $43 million, an estimated multiple of an attractive 8 times
cash flow. We believe that the net proceeds from the transaction will be
roughly $39 million, with the proceeds to be used to pay down debt. The
transaction is expected to close in the third quarter 2019.
The company also announced plans to swap two of its
Connecticut radio stations for four stations in Allentown, Pennsylvania,
strengthening its portfolio of two existing stations in that market and
complimenting its strong station group in Pennsylvania. The move should enhance
cash flow margins.

…

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*Analyst
certification and important disclosures included in full report.
NOTE: investment decisions should not be based upon the content of
this research summary. Proper due diligence is required before
making any investment decision.

Research – Coeur Mining (CDE) – First quarter production results

Posted on April 15, 2019 by Admin

Monday, April 15, 2019

Coeur Mining (CDE)

What Will It Take To Turn The Tide?

Coeur Mining Inc is a metals producer focused on mining precious minerals in the Americas. The company is involved on the discovery and mining of gold and silver, and generates the vast majority of revenue from the sale of these precious metals. The operating mines of company are palmarejo, rochester, wharf, and kensington.

Mark Reichman, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to full report for price target, fundamental analysis and rating.

CDE reports first quarter
2019 production results. Coeur Mining reported lower than expected first
quarter production of 78,336 ounces of gold, 2.5 million ounces of silver, 3.7
million pounds of zinc and 3.1 million pounds of lead. While management
indicated that first quarter production met their expectations and maintained
full year 2019 production guidance, the company may have some catching up to do
in subsequent quarters.
Adjusting estimates. We are lowering our first quarter estimate to roughly
break-even per share, compared to our prior estimate of $0.02 per share.
Our full year 2019 EPS and EBITDA estimates have been lowered to $0.11 and
$160.4 million, from $0.15 and $183.3 million. We have also reduced our
2020 EPS and EBI…

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Research – Endeavour Silver (EXK) – Waiting for a turnaround

Posted on April 15, 2019 by Admin

Monday, April 15, 2019

Endeavour Silver Corporation (EXK)

Waiting for the Turnaround at Guanacevi.

Endeavour Silver Corp is a precious metal mining company. The company is primarily engaged in silver mining and owns three high-grade, underground, silver-gold mines in Mexico. Its other business activities include acquisition, exploration, development, extraction, processing, refining and reclamation.

Mark Reichman, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to full report for price target, fundamental analysis and rating.

EXK reports first quarter
production results. Compared to the prior year period, first quarter silver and
gold production declined 20.7% and 23.9% to 1,071,355 ounces and 10,055 ounces,
respectively. The decline was attributed to lower silver grades at the
Guanacevi mine and anticipated production declines at the Bolanitos and El Cubo
mines. Compared to the fourth quarter of 2018, first quarter silver and
gold production declined 22.7% and 23.3%, respectively.
Updating estimates. While our 2020 estimates are unchanged, we are
lowering our 2019 EPS and EBITDA estimates to $0.04 and $36.6 million from
$0.05 and $40.1 million, respectively. Our…

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Research – Dyadic (DYAI) – Nasdaq Up-Listing Approved

Posted on April 15, 2019 by Admin

Monday, April 15, 2019

Dyadic International (DYAI)

The Importance Behind The Nasdaq Up-Listing.

Dyadic International Inc. is a biotechnology company developing a proprietary expression platform to manufacture of biologic products. The company is employing C1 technology, part of a fungi expression system, to produce variety of modalities of biologic products, including vaccines, oncolytic viruses, monoclonal and bispecific antibodies, as well as biosimilars.

Ahu Demir, Ph.D., Biotechnology Research Analyst, Noble Capital Markets, Inc.

Refer to full report for price target, fundamental analysis and rating.

Important Milestone Accomplishment. Dyadic has announced the up-listing of its common stock on The Nasdaq
Capital Market Exchange under stock symbol “DYAI”. The company has
maintained the stock price requirement, for Nasdaq, following its SEC filing on
February 2019. Trading will commence as early as
April 17, 2019. We believe this
is an important milestone for the company and its current and future investors.
Why is this important? The company has accomplished key
milestones as guided, including the SEC filing and the Nasdaq up-listing. The
stock has gained +112% YTD 2019. We believe the biggest potential benefit from
the up-listing is increased visibility and tran…

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Research – Scorpio Bulkers (SALT) – Liquidity boost; adjusting estimates

Posted on April 12, 2019 by Admin

Friday, April 12, 2019

Scorpio Bulkers Inc. (SALT)

Dry Bulk Market Weakness Impacts Estimates, But Refinancing Activity Boosts Liquidity.

Scorpio Bulkers Inc is a shipping company based in Monaco. It owns and operates a fleet of modern mid to large-size dry bulk carriers which provide marine transportation for major bulks, which include iron ore, coal and grain and minor bulks which include bauxite, fertilizers and steel products internationally.

Poe Fratt, Senior Research Analyst, Noble Capital Markets, Inc.

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Adjusting estimates for 1Q2019
contract cover, financing activity, timing of scrubber installations
and recent dry bulk market weakness. Our 2019 EBITDA estimate drops to $86.3 million (from $110.3
million) and TCE rates to $10,819/day (from $11,938/day).
Recent financing activity boosts liquidity again. Over the past three months, two
Kamsarmaxes were sold, and five Kamsarmaxes and five Ultramaxes were sold and
leased back. Liquidity should positively be impacted by ~$100.7 million over the
next six months. Net cash will increase by ~$84.9 million and ~$…

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Research – Great Panther Silver (GPL) – Production numbers slightly lower than expected

Posted on April 11, 2019 by Admin

Thursday, April 11, 2019

Great Panther Silver (GPL)

What Was Behind Lower Than Expected Production Results?

Great Panther Silver Ltd is a precious metals mining and exploration company. It owns two mines Topia and Guanajuato Mine Complex (GMC). The Topia operations produce silver, gold, lead, and zinc whereas the GMC operation produces silver and gold.

Mark Reichman, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to full report for price target, fundamental analysis and rating.

GPL reports first quarter production results. In aggregate, first quarter production increased 6.7%
to 14,860 gold equivalent ounces versus the prior year period and increased
24.9% compared to the fourth quarter of 2018. First quarter production
was negatively impacted by lower production at the San Ignacio mine due to
variability in vein widths and lower throughput at the mill that serves the
Tucano mine. Management expects to provide updated 2019 consolidated
guidance when it reports first quarter 2019 financial results.
Adjusting estimates. Based on lower than expected production, we now
forecast a first quarter loss of ($0.02) per share versus our prior estimate of
($0.01). Our full year earnings 2019 earnings per share and EBI…

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Research – Aurania Resources (ARU:CA) – Another promising copper target

Posted on April 10, 2019 by Admin

Wednesday, April 10, 2019

Aurania Resources Ltd. (ARU:CA)

Kirus Target Shows Its Colors.

Aurania Resources Ltd. is a Canada-based junior mining exploration company engaged in the identification, evaluation, acquisition, and exploration of mineral property interests, with a focus on precious metals and copper. Its flagship asset, The Lost Cities-Cutucu Project, is in southeastern Ecuador in the Province of Morona-Santiago. The company also has several minor projects in Switzerland.

Mark Reichman, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to full report for price target, fundamental analysis and rating.

Another promising
copper target. High-grade copper and silver have been discovered in an
area measuring 6 kilometers by 3 kilometers in the Kirus copper target
area. Exploration identified boulders in streams containing up to 11.9%
copper with 166 grams per tonne of silver. Follow-up exploration led to
the discovery of outcrop with grades of up to 5.1% copper and 70 grams per
tonne of silver. This follows last week’s announcement by the company that
high-grade copper and silver had been discovered at the Tsenken target, located
~6 kilometers from the Kirus target.
More evidence
supporting a cluster of copper porphyrys. Both Tsenken and Kirus contain high-grade copper and
silver in sedimentary rocks. What is unique about these sediment-hosted
targets is that they exhibit flat-lying copper and silver-bearing rock which
would be relatively easy to drill. However, both exhibit evidence of
po…

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News – Could renewables supply 50% of all generation? How about 80%?

Posted on April 5, 2019 by Admin

Are Fossil Fuels Going the Way of the Dinosaurs?

(Note: companies that could be impacted by the content of this article are listed at the base of the story (desktop version). This article uses third-party references to provide a bullish, bearish and balanced point of view; sources listed in the “Balanced” section)

There has been an exponential rise in the U.S. in renewable energy for electricity needs. Currently, 33% of

electricity
that is being generated in the US comes from carbon-free sources (nuclear and renewables). This percent has quadrupled since 2005, smashing projections made just a few years ago. Renewables are now responsible for generating as much electricity as coal, oil, or natural gas. Renewable energy sources are likely to continue to increase at a fast pace for the foreseeable future. Over half of all new energy plants being built are either wind or solar. But, will this growth trajectory continue without government support, and just how much electricity can renewables produce?

Research – One Stop Systems (OSS) – Initiation of Research Coverage

Posted on April 4, 2019 by Admin

Thursday, April 4, 2019

One Stop Systems (OSS)

A Leader in the High Performance Computing Space.

One Stop Systems Inc is US-based company which is principally engaged in designing, manufacturing, marketing high-end systems for high performance computing (HPC) applications. The company offers custom servers, compute accelerators, solid-state storage arrays and system expansion systems.

Joe Gomes, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to full report for price target, fundamental analysis and rating.

Initiating Coverage. One
Stop Systems is a leader in the High Performance Computing (HPC) space with a
particular emphasis on the “AI on the Fly” and the migration to PCI
Express (PCIe) Gen 4 spaces through the design and manufacture of custom
servers, compute accelerators, solid-state storage arrays, and system expansion
systems.
A Company of
firsts. In spite of its relatively small size, OSS punches
above its weight having been the first to market with PCIe interconnect
products, the most powerful GP…

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News – Stock Buybacks: Good, evil, or maybe something in between?

Posted on April 3, 2019 by Admin

Who benefits from stock repurchases, the investors or the executives?

(Note: companies that could be
impacted by the content of this article are listed at the base of the story
(desktop version). This article uses third-party references to provide a
bullish, bearish and balanced point of view; sources listed in the
“Balanced” section)

Stock buybacks are on the rise and there are concerns over the effectiveness. It is even becoming a Political issue. Share buybacks, also known as stock repurchases, are when corporations purchase its own shares in the open stock market, reducing the total number of shares outstanding. The result of the buyback could increase earnings per share and increase return on equity, possibly increasing the stock price. 2018 was an all-time, record year for buybacks, with $1.1 trillion in announcements and some $800 billion repurchased during the year. Reasons have been postulated about why the pace of buybacks has increased over the years, including the generation of significant free cash flow by companies, muted organic investment opportunities, a lack of accretive acquisitions, as a means of boosting EPS by reducing the share count. Notably, stock repurchases were illegal until 1982 and Congress is looking at curbing the exercise as a means of narrowing the growing income inequality in America and advocating an element of social responsibility. Senators Charles Schumer and Bernie Sanders penned an op-ed in the New York Times arguing that, “corporate boardrooms have become obsessed with maximizing only shareholder earnings to the detriment of workers.” The pair suggest they will introduce legislation to limit buybacks unless companies meet certain conditions, including a $15 per hour minimum wage, providing workers with decent pensions, and solid health benefits, among other things.

Research – Prize Mining (PRZ:CA) – Behind the recent deal

Posted on April 3, 2019 by Admin

Wednesday, April 3, 2019

Prize Mining (PRZ:CA)

More To The Deal Than Meets the Eye.

Prize Mining Corp is a Canada based resource exploration company. It is primarily engaged in the business activity of acquiring and exploring resource properties in Canada. All the operations of the company are carried out in Canada. The organization is focused on Kena and Daylight Gold project which is located in the Nelson area of British Columbia, Canada.

Mark Reichman, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to full report for price target, fundamental analysis and rating.

Prize announces option
agreement to acquire gold properties. Prize Mining announced a performance-based option
agreement with Denton Resources Inc., a private corporation, to acquire a 100%
interest in 62 mineral claims comprising the Carscallan property near the town
of Cochrane in northeastern Ontario, Canada. The option agreement is
contingent on approval by the TSX Venture Exchange (TSX-V).
Performance-based
payments require little up-front capital. The option agreement requires little up-front capital and
Prize has the option to move forward based on key predictors of success.
The initial capital out…

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Research – Aurania Resources (ARU:CA) – Updates on copper production

Posted on April 3, 2019 by Admin

Wednesday, April 3, 2019

Aurania Resources Ltd. (ARU:CA)

Scratching the Surface?

Mark Reichman, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to full report for price target, fundamental analysis and rating.

Tsenken evolves into a high-potential copper target. High-grade copper and silver have been discovered over
a nine-kilometer trend. Recent grab samples from boulders in streams
contain up to 7% copper with 70 grams per tonne of silver. Recall that in
January, Aurania reported that grab samples of rock in streams draining from
the Tsenken-A porphyry target contained up to 9% copper with 185 grams per
tonne of silver over three kilometers.
Evidence points to a cluster of
copper porphyrys. Recent work appears to corroborate management’s earlier
belief that rather than being one very large target area, Tsenken may be a
cluster of porphyry bodies. Rather than having one potential source of
copper at Tsen…

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Research – Trovagene (TROV) – Update on data readout

Posted on April 2, 2019 by Admin

Tuesday, April 2, 2019

Trovagene Inc. (TROV)

Improved and updated data from AML patients.

TrovaGene Inc is a US-based life science company which focuses on the development and commercialization of a proprietary molecular genetic detection technology for use in pharmaceutical development, clinical research and medical testing across a variety of clinical disciplines, including oncology and virology.

Ahu Demir, Ph.D., Biotechnology Research Analyst, Noble Capital Markets, Inc.

Refer to full report for price target, fundamental analysis and rating.

AACR Data
Presentation. The company presented data from a Phase 1b clinical trial of
onvansertib in patients with acute myeloid leukemia (AML) at the American
Association for Cancer Research (AACR) annual meeting on April 1st, 2019. The
anti-leukemic activity improved with an increased number of patients treated.
The disease control rate (DCR) rose to 89% (17/19 patients) from previous
reported rate of 83% (10/12 patients) at The American Society of
Hematology (ASH) on December 2018.
Digging Through Data. In addition to the improved DCR, the overall response
rate also increased; one patient with complete response (CR), one
incomplete blood recovery (iCR), one morphologic leukemia-freestate (MLFS) and
one partial response (PR) compar…

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